Meta

Philanthropy, the reason behind George Soros’ drop on the Forbes 400 list of the rich

George Soros recently donated $18 billion of his fortune to Open Society Foundation, his philanthropic organization. This donation had an impact on the total net worth. Before the donation, he had a fortune of $23 billion that is according to Forbes. The 2017 Forbes list of 400 richest listed him as the 20th richest man in America. Forbes had put into consideration $3 billion of the $18 billion in donations. After the additional $15 billion, George Soros had his net worth take a nose dive pushing him to 59th richest man in America. The 39-position drop was brought about by an estimated $8 billion drop, and more information click here.

Open Society Foundation confirmed the transfer of $18 billion through their Chief Communications Officer, Laura Silber. She mentioned that the transfer of funds has taken several years of planning from George Soros’ estate. Regardless of this financial boost, Laura mentions that the operations of the foundation are not expected to change. The foundation will continue operating as per the needs and opportunities that advance the practices around justice, human rights, and democracy. Dawn Fitzpatrick, the chief investment officer of the Soros Fund Management, reported that the money will still be managed by her office. Fitzpatrick is the first lady to serve in her position at Soros Management office. She began her term in May 2017.

On completion of this transfer, Soros is set for up to a 30% reduction in his gross income. This is because all donations to charitable organizations benefit from a deduction of adjusted gross income. The deduction can be pushed forward to a period of five years. It is also said that when he dies, his heirs will have a reduction when it comes to payment of estate tax.

Open Society Foundations is referred to as a giant in the philanthropy world of programs. They are known for supporting various programs that range from refugee relief to public health, around the world. They have been active in advocating for the immigration rights of the Roma children in Europe as well as funding various liberal causes.

George Soros who is now 87, was born in Budapest, Hungary. He was raised in a Jewish family. At the age of 11, the Nazis occupied his home country. After surviving World War II, he moved to London in a bid to escape communism which had manifested itself in 1947. Soros managed to pay his own fees at the London School of Economics by working as a waiter and railway porter. He later graduated with a Master of Philosophy from the university, and Twitter.com.

In 1969 while in New York, George Soros commenced his first hedge fund with $12 million. He has been legendary in managing clients’ funds by serving as a hedge fund manager in New York from 1969 to 2011. Soros has been one of the best players on Wall Street for the past 50 years. Soros made his first appearance on the Forbes list of 400 millionaires three decades ago. He had a net worth of $300 million. Since then, he has always appeared on the Forbes list of the rich, and George Soros’s lacrosse camp.